- Increases investment fivefold in physical network, pivoting branches to wealth centres
- Aims to increase client-facing roles by a third by 2028 to sustain growth momentum
HSBC to open three Wealth Centres in Singapore by Q1 2025
HSBC announced its plans today to open three wealth centres in Singapore by Q1 2025, increasing its investment fivefold in its physical network as it pivots its branches into wealth centres to facilitate comprehensive wealth conversations with clients. The three centres will be in the Central Business District as well as the east and west region of Singapore.
Part of a broader strategy to build the Bank’s international and wealth propositions, HSBC has doubled its technology investments in Singapore over the last five years, uplifting capabilities and delivering improved customer experiences. Serving clients across the full wealth continuum – mass, affluent, high net worth and ultra-high net worth, HSBC’s Wealth and Personal Banking business includes Retail Banking, Global Private Banking, HSBC Life and Global Asset Management.
The significant investments underline HSBC’s growth ambitions to be the leading wealth manager in Asia and reflects the Bank’s long-term commitment to Singapore and its position as an international wealth hub.
Wong Kee Joo, CEO of HSBC Singapore said: “Since HSBC established its presence here in 1877, our purpose has always been to connect our customers to opportunities. Our substantial investments have set the stage for future growth, enabling us to better support the needs of our clients. As Singapore grows as an international financial centre and international wealth hub, HSBC is uniquely placed to meet the wealth and international banking needs of our clients through the scale and breadth of our network and capabilities.”
Scaling up to capture growth of wealth assets globally
HSBC’s international proposition has been an area of growth for the Bank. With presence in over 60 markets globally, HSBC’s international customers accounted for 40% of the Wealth and Personal Banking revenue at the Group level in 20231. In Singapore, HSBC saw a 76% year-on-year increase in new-to-bank international customers in 2023 compared with 2022, supported by the launch of new digital onboarding journeys for accounts and investments2 and an expanded range of wealth solutions.
The Bank also saw double digit growth in client numbers in Singapore for its mass affluent and high net worth segment from 2019 to 2022, and this rate of growth continued in 2023. To sustain this growth momentum, HSBC plans to increase client-facing roles by more than a third by 2028.
Ashmita Acharya, Head of Wealth and Personal Banking at HSBC Singapore said: “We want to be the wealth manager of choice for affluent Singaporeans and international professionals. We’ve been focused on elevating the customer experience across our channels and building a differentiated proposition that supports our client’s wealth, health and international banking needs – from growing and protecting their wealth, to planning for their family, their children’s international education, and the next generation.”
Organic initiatives, selective acquisitions and partnerships to bolster wealth proposition
The bank continues to bolster its proposition through a combination of organic initiatives and selective acquisitions and partnerships:
- In February 2023, the legal integration of AXA Singapore and HSBC Insurance (Singapore) was completed, positioning HSBC to grow its insurance business in Singapore and expand its customer reach in wealth and health. HSBC Life Singapore recently launched HSBC Life Diamond Prestige IUL, an indexed universal life plan, designed to meet the needs of the affluent segment, offering both life insurance protection and investment.
- In April 2023, HSBC entered into a 15-year exclusive distribution agreement with MSIG Insurance to provide a comprehensive range of general insurance propositions covering retail and commercial lines to HSBC’s retail and corporate banking clients in Singapore.
- In January 2024, HSBC Asset Management acquired Singapore’s SilkRoad Property Partners Group to expand its Asia Pacific real estate investment capabilities under its HSBC Alternatives business, adding staff in Singapore, Hong Kong, Shanghai and Japan offices. The acquisition of SilkRoad adds unique expertise - Asia physical commercial real estate -that augments incremental dimensions to the Bank’s overall investment capabilities.
- Global Private Banking enhanced its ultra HNW services to enable institutional Family Offices to have better market access and execution capabilities to meet their wealth transfer, legacy planning and more complex investment needs.
According to the Asian Private Banker Asia 2023 league table, HSBC is ranked #1 for wealth continuum in Asia and #2 in private banking for Asia, by assets under management.
Media enquiries:
Chantal Samonte chantal.samonte@hsbc.com.sg
Carina Koh carina.koh@hsbc.com.sg
Notes to editors:
HSBC services for international customers
The suite of HSBC international products and services will enable international customers to:
- Open a new account via a digital and frictionless journey before they arrive in their destination
- See all their HSBC accounts in one global view
- Make simple, fast and competitively priced payments via Global Money Transfers
- Use their HSBC credit history from their previous country to apply for a credit card in their new country with HSBC (subject to local regulations, Premier status and applicable channels)
- Manage their banking needs in different time zones across multiple countries with global support
- Access services with global partners beyond banking (tax solutions, relocation support and more)
For more information please visit: https://internationalservices.hsbc.com/
HSBC Singapore
HSBC opened its first branch in Singapore in 1877. A qualifying full bank serving international needs of individual, corporate and institutional clients, HSBC in Singapore offers a comprehensive range of banking and financial services including retail banking and wealth management; commercial, investment and private banking; insurance; forfaiting and trustee services; securities and capital markets services. HSBC was recognised by Asiamoney as “Best International Bank in Singapore” in 2022 and 2023.
The Hongkong and Shanghai Banking Corporation Limited
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 62 countries and territories. With assets of $3,001bn at 31 March 2024, HSBC is one of the world’s largest banking and financial services organisations.
1HSBC Annual Report 2023.
2HSBC Annual Report 2023.